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The Independent UK
The Independent UK
National
Lisa Mascaro and Mary Clare Jalonick

Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end

Joe Biden Kevin McCarthy Janet Yellen Hakeem Jeffries Medicaid Republican Party United States White House
Copyright 2023 The Associated Press. All rights reserved.

President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.

The two sides are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could default.

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